New U.S. homes sales hit highest level since 2008
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Sales of new homes rose in May to the highest rate since mid-2008 and purchases for the prior three months were all revised higher, reflecting the continued resurgence in the U.S. housing market. The Commerce Department on Tuesday said sales last month climbed 2.1% to an annual rate of 476,000 from 466,000 in April. Sales for April, March and February were also revised higher.
Economists polled by MarketWatch had forecast sales in May to achieve an annual rate of 464,000. Demand was strongest in the Midwest (+40.7%) and Northeast (+20.7%). Sales fell 9% in the South. The median price of new homes, meanwhile, dropped 3.2% to $263,900 last month from a record high of $272,600 in April. The supply of new homes on the U.S. market edged up to 4.1 months at the current sales pace from 4 months in April. New home sales are 29% higher compared to one year ago.
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